Taxation 0.0 / 5 ? Business StudiesEconomic growthA2/A-levelAQA Created by: Megan NCreated on: 19-11-16 15:32 Taxation a payent that has to be made to the government or other authority by households,firms and othe organisations 1 of 9 Income Tax has to be paid by all employees on their wages over a certain amount anually 2 of 9 What tax is the most important to the government? Income Tax 3 of 9 Value Added Tax (VAT) This tax is levied on spending, current VAT rate is 20% 4 of 9 What has the increase in VAT rate meant for businesses? Increased costs faced by businesses for resources/supplies and a fall in dmeand due to higher prices 5 of 9 National Insurance Contributions A contribution made to the cost of certain state benefits (such as pensions) 6 of 9 Corporation Tax companies in the UK have to pay corporation tax on their profits 7 of 9 Customs custom duties are paid on imported products 8 of 9 Excise Duites excise duties are paid on the production of certain product in the UK (e.g. petrol) 9 of 9
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